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IMF: ARMENIA'S GDP UNLIKELY TO EXCEED 10% IN 2009
ARKA
June 24, 2009
YEREVAN, June 24. /ARKA/. Armenia's GDP is unlikely to exceed 10%,
IMF Resident Representative in Armenia Nienke Oomes said on Wednesday.
She said that economic decline in Armenia would be 9.5% at the best.
Oomes said that there is some uncertainty in forecasts for 2009.
GDP can rise or decline, but will never decline twice.
The IMF resident representative said 15.7% decline in recent five
months prompts International Monetary Fund's concern.
She thinks this decline is mainly caused by Armenian economy's small
scale that makes the economy heavily dependent on construction sector,
which has borne the brunt of the crisis.
Oomes said that the precipitous GDP decline, compared with the same
period of 2008 was due to 56% reduction in construction for first
five months of 2009.
Reduction in private transfers from Russia drove GDP down as well.
At the same time, the IMF resident representative pointed out the
recent increase in copper and oil prices as a positive factor able
to have favorable impact on Russia and then Armenia and intensify
the inflow of transfers and investments in construction sector.
Taking into account this factor, International Monetary Fund is quite
optimistic about 2009, Oomes said.
ARKA
June 24, 2009
YEREVAN, June 24. /ARKA/. Armenia's GDP is unlikely to exceed 10%,
IMF Resident Representative in Armenia Nienke Oomes said on Wednesday.
She said that economic decline in Armenia would be 9.5% at the best.
Oomes said that there is some uncertainty in forecasts for 2009.
GDP can rise or decline, but will never decline twice.
The IMF resident representative said 15.7% decline in recent five
months prompts International Monetary Fund's concern.
She thinks this decline is mainly caused by Armenian economy's small
scale that makes the economy heavily dependent on construction sector,
which has borne the brunt of the crisis.
Oomes said that the precipitous GDP decline, compared with the same
period of 2008 was due to 56% reduction in construction for first
five months of 2009.
Reduction in private transfers from Russia drove GDP down as well.
At the same time, the IMF resident representative pointed out the
recent increase in copper and oil prices as a positive factor able
to have favorable impact on Russia and then Armenia and intensify
the inflow of transfers and investments in construction sector.
Taking into account this factor, International Monetary Fund is quite
optimistic about 2009, Oomes said.